oil and gas
Output contraction is an inevitable part of exploiting finite oil and gas fields worldwide. In Vietnam, most of the active fields have been exploited since 1986.
Oil and gas companies are struggling to cope with falling prices, oil field depletion, and difficulties in seeking new fields.
The $1.386 billion added investment will help accelerate Long Son Petrochemical Complex that has fallen behind schedule.
Pressed by COVID-19 and the oil price war between Russia and the OPEC, local petroleum manufacturers expect great plunges in revenue.
The revenues of PetroVietnam and Petrolimex slumped by $6.13 billion and $521.74 million this year due to the dropping oil price and the COVID-19 health crisis.
Nine industries could be negatively affected in the short term by the fallout of the coronavirus epidemic, according to SSI Securities Corp.
With the support of the two governments, Vietnam’s oil and gas industry is expected to continue developing strongly.